The Successful Entrepreneur - Amazon S3Successful+Entre… · ss 5 The Successful Entrepreneur...

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Transcript of The Successful Entrepreneur - Amazon S3Successful+Entre… · ss 5 The Successful Entrepreneur...

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Disclaimer  

 

This  e-­‐book  has  been  written  to  provide   information  about   Internet  marketing.   Every   effort   has   been   made   to   make   this   ebook   as  complete  and  accurate  as  possible.  However,  there  may  be  mistakes  in  typography  or  content.  Also,  this  e-­‐book  provides  information  only  up  to  the  publishing  date.  Therefore,  this  ebook  should  be  used  as  a  guide  -­‐  not  as  the  ultimate  source.  

 

The   purpose   of   this   ebook   is   to   educate.   The   author   and   the  publisher  does  not  warrant  that  the   information  contained   in  this  e-­‐book  is  fully  complete  and  shall  not  be  responsible  for  any  errors  or  omissions.   The   author   and   publisher   shall   have   neither   liability   nor  responsibility   to   any   person   or   entity   with   respect   to   any   loss   or  damage  caused  or  alleged  to  be  caused  directly  or  indirectly  by  this  e-­‐book.  

 

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Introduction  

 They  say  that  true  success  is  not  in  employment  but  in  doing  business.  And  yes,  many   entrepreneurs   have   proven   that   doing   businesses   is   actually   more  profitable  than  getting  employed  into  some  company.  One  good  example  is  Bill  Gates  –   the  man  behind  the  Windows  brand.  The  man  did  not  even  graduate  from   college   but   he   hit   big   in   the   field   of   entrepreneurship.   And   although  people  also  do  hit  big  in  employment,  they  are  very  few.      This   is   the   reason  why  many   people  want   to   venture   into   entrepreneurship.  The   problem   is   that   very   few   among   them   have   the   necessary   skills   and  knowledge  base.  As  a  result,  many  people  venture  into  business  without  really  knowing  how  to  do  things  correctly.  Such  entrepreneurs  are  bound  to  fail.    So  what  should  you  do?  Should  you  enroll   into  some  university  and   learn   the  trades  and  secrets  of  entrepreneurship?  Well,  that  is  certainly  a  sound  choice  to  take.   But   it   may   not   be   necessary.   The   trades   of   entrepreneurship   can   be  learned  even  without  graduating  from  college.      Self-­‐study,   research,   and   experience   -­‐   these   things   will   give   you   an   edge   in  entrepreneurship.   And   to   help   you   get   started,  we   summarized   some   of   the  most  helpful  entrepreneurship  tips  out  there.      In  this  eBook,  you  will  find  100  unique  tips  that  will  help  you  achieve  success  in  doing  business.   Everything   is  written  with   the  assumption   that   some   readers  are   not   well-­‐versed   in   business   language   and   terminologies.   Therefore,   this  guide  is  written  using  simple  words  and  simple  language.        

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Getting  Into  The  Right  Mindset  

 

1  Practice  Careful  Optimism  Having  a  positive  mind  and  positive  outlook  are  crucial   to  being  successful   in  business.  It  is  optimism  that  drives  entrepreneurs  to  move  forward.  But  there  is  danger  in  sheer  and  pure  optimism.  Excessive  optimism  can  make  one  overlook  risks   and   potential   pitfalls.   This   is   what   you   need   to   avoid.   So   while  approaching   business   with   an   optimistic   mindset,   you   also   have   to  acknowledge   that   there   are   dangers   and   risks   that   you   must   exercise  carefulness.      

2  Practice  Healthy  Pessimism  People  will  tell  you  that  negative  thinking  will  not  get  you  anywhere.  And  yes,  pessimism   does   breed   fear   and   that   fear   can   stop   you   from   taking   the  necessary  steps  in  order  to  be  successful.  But  there  is  use  in  having  a  little  bit  of  healthy  pessimism.  Having  healthy  pessimism  means   that   you   are  pessimistic  enough   so   as   to   recognize   the   pitfalls   and   risks   involved   in   your   venture.  However,  you  are  not  pessimistic  enough  so  as  to  allow  those  insights  to  stop  you.   Instead,   you   are   driven   to   come   up   with   solutions   to   every   risks   and  difficulties  that  you  encounter.      

3  Find  Motivation  It  is  good  to  have  the  ideas  and  the  opportunities.  But  even  if  these  things  are  present,  nothing  will  come  into  fruition  if  you  do  not  take  action.  And  to  take  action,  it  is  necessary  that  you  have  the  motivation  to  do  so.  Motivation  may  be  different   from   one   entrepreneur   to   another.   Find   your   own   motivation   to  success.  You  motivation  must  be  something  solid  that  you  want  to  achieve  no  matter  what.   Contemplate   on   this.  Do   you  want   to   give   your   family   a   better  life?  Do  you  want  to  be  recognized  in  a  certain  field  or  industry?  Do  you  want  to  revive   an   old   market   that   is   close   to   your   heart?   Any   of   these   can   be   a  motivation.    

 

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4  Have  Vision,  Mission,  Goal  Every   business   must   have   one.   You   can   typically   see   a   company’s   Vision,  Mission,  Goal  posted  on  the  hallways  of  its  building  or  on  the  main  page  of  its  website.   In   a   physical   setting,   the   Vision,   Mission,   Goal   is   typically   framed  beautifully   which   signifies   how   much   it   is   valued.   The   Vision   describes   a  company’s   ideals.   The  Mission  describes   a   company’s  desired   contribution   to  the   society,   to   its   employees,   and   to  others.   The  Goal  describes  a   company’s  desired  self-­‐growth   in  the  future.  Having  a  Vision,  Mission,  Goal   to   look  up  to  and  remember  helps  keep  a  company  stay  on  track.    

 

5  Believe  In  What  You  Do  Some  people  may  not  believe  in  your  venture.  But  what  is  important  is  that  you  believe  in  it.  If  you  yourself  are  not  convinced  in  what  you  are  trying  to  achieve,  it  is  highly  likely  that  you  will  not  achieve  it.  This  is  why  it  is  important  that  you  enter   into   a   business   venture   that   you   believe   in   or   have   faith   in.   If   you   are  offering  a  product  for  example,  do  you  believe  in  its  quality,  in  what  it  can  do,  in  what   it   can  provide   to  your  customers?   If  you  yourself  believe   in  what  you  offer,   you   will   be   more   motivated   and   more   driven   to   sell   it.   And   your  customers  will  feel  this  because  it  will  emanate  from  you.  This  will  attract  them.      

Finding  Your  Field  of  Success  

 

6  Start  In  Your  Field  of  Interest  Motivation  is  easier  to  find  if  you  are  working  in  your  field  of  interest.  So  when  coming  up  with  a  business   idea,   it   is   a  good  start   to  consider   the   things   that  you   are   personally   interested   with.   For   example,   it   is   more   likely   that   a  computer  store  will  be  managed  more  correctly  if  its  owner  and  managers  are  personally  interested  in  computers.  Also,  an  auto  supply  shop  is  more  likely  to  be  successful  if  its  owner  and  managers  have  a  passion  for  cars.    

 

7  Work  In  Your  Field  of  Qualification  Interest   and   passion   should   not   be   your   only   basis.   You   also   have   to   ask  yourself:  do  you  have  the  qualifications  to  do  business  in  that  area?  If  you  are  

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planning  to  open  an  auto  supply  shop  for  example,  you  may  ask  yourself:  do  I  know  enough  about   cars?  Do   I   have   a   vast   knowledge  on   car  parts   and  how  they  work?  Of   course,   you  can  always  hire  people  who  are  knowledgeable   in  the  field.  But  it  is  better  if  you  also  have  some  know-­‐how.    

 

8  Work  on  a  Field  Where  Resources  Are  Available  The   continuity   of   a   business   is   also   partly   dependent   on   the   availability   of  resources.   Resources   may   include   suppliers,   service   providers,   utilities,   and  such.   If   you   are   planning   to   open   a   fruit   store   for   example,   you   may   ask  yourself:  do  I  have  access  to  suppliers  of  fruits?  Also,  you  have  to  analyze  the  supplier’s  ability  to  supply.  If  you  open  a  fruit  store  for  example,  it  will  be  bad  for  your  business   if  your  supplier  suddenly  becomes  unable  to  produce  fruits.  When  that  happens,  you  will  have  nothing  to  sell.    

 

9  Work  on  a  Field  Where  Talents  Are  Available  In  a  business,  you  are  not  the  only  person  who  will  be  involved.  Certainly,  you  will  hire  some  employees  that  will  help  you.  In  some  businesses  however,  it   is  necessary   that   you   find  people  of   unique   talents/expertise/degree.   If   you  are  going   to   open   a   salon   for   example,   you   will   people   with   the   following  expertise:   haircutting,   hairdressing,  makeup,  manicure,   pedicure,   and   others.  So  you  need  to  ask  yourself:  do  I  have  access  to  such  individuals?  Where  can  I  find  such  people?  Are  they  easily  available  where  I  will  put  up  my  business?  

 

10  Do  Business  That  People  Will  Go  For  Businesses   are   organized   for   profit.   In   order   to   profit,   you  will   have   to   offer  something  in  return.  But  you  must  offer  something  that  the  people  in  your  area  will  be  willing  to  pay  for.  So  you  have  to  ask  yourself:  what  services  can  I  offer  that  the  people  in  my  area  will  be  willing  to  avail?  What  products  can  I  sell  that  the  people  in  my  area  will  be  willing  to  buy?    

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Finding  The  Right  Opportunities  

 

11  Do  A  Market  Research    So  what  business  should  you  go  for?  Well,  it  is  not  always  easy  to  tell.  If  those  prospects   are   obvious,   a   lot   of   people   would   have   taken   advantage   of   the  opportunity  already.  So  how  do  you   find   the   right  opportunities?  Sometimes,  opportunities  do  not  just  present  themselves.  In  some  instances,  you  may  have  to  go  looking  for  them.  This  is  what  a  market  research  is  made  for.    

 

12  Run  A  Survey  Do   you   want   to   know   what   services/products   the   people   in   your   area   are  willing   to   avail/buy?   Well,   why   not   ask   them   directly?   This   is   the   power   of  ‘survey’.  All  you  have  to  do  is  hand  out  a  small  sheet  of  questionnaire  to  willing  people.  But  this  is  the  classic  and  difficult  way.  The  easier  way  is  brought  to  us  by   information   technology.   Yes,   you   can   make   use   of   the   internet   to   run  surveys.   Facebook   for   example   can   be   used   to   run   polls   and   hold   surveys   in  questionnaire  form.    

 

13  Look  For  Products/Services  That  Are  In  Demand  Products   and   services   that   will   surely   sell   are   those   that   are   in   demand.  Demand   refers   to   the   need   of   the   people.   For   example,   cold   food   and   drink  products  may   be   in   demand   in   hot   places   especially   during   summer  months.  Also,  branded  clothes  may  be   in  demand   in  wealthy  places  where  people  are  obviously  fashion  conscious.  Also,  school  supplies  are  surely  in  demand  during  school  year  openings.    

 

14  Take  Advantage  of  Untapped  Markets  Sometimes,   the   demand   is   there   but   the   supply   is   not.   This   means   that   the  people   in   your   place   are   in   need  of   something  but   there   are   no  or   there   are  very   few   suppliers  of   that   something.  Here   is   a   sample   case:  many  people   in  one  city  are  fashion  conscious  and  are  willing  to  pay  premium  for  clothes,  but  

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there  are  no  sellers  of  branded  and  signature  clothes  in  the  area.  This  situation  poses  a  clear  opportunity  that  you  can  take  advantage  of.    

 

15  Study  The  Culture  in  the  Place  Opportunities  may  be  unique  from  one  place  to  another.  One  of  the  factors  is  the  differences  in  culture.  The  unique  culture  of  a  place  influences  the  business  opportunities   present   there.   For   example,   it   may   be   feasible   to   sell   musical  instruments  in  a  place  where  music-­‐making  is  a  tradition  and  widely  practiced.        

Identifying  Business  Prospects  That  Will  Sell  

 

16  Identify  the  Purchasing  Power  of  the  People  It   is  not  always  about   interest.  People  may  be   interested   in  a  certain  product  and/or   service  but   they  may  not  have   the  purchasing  power   to  pay   for   it.   So  when  coming  with  a  business  idea,  you  have  to  consider  the  purchasing  power  of   the  people   in   the  area.  You  want   to  consider   the  purchasing  power  of   the  majority   and   not   the   select   and   privileged   few.   For   example,   it   may   not   be  feasible   to   sell   signature   brands   such   as   Fendi,   Louis   Vuitton,   and   Chanel   in  third  world  countries  where  the  purchasing  power  of  the  majority  is  relatively  low.    

 

17  Analyze  the  Buying  Behavior  of  the  People  It   is   not   always   about   the   purchasing   power.  Many   people   develop   a   buying  behavior  and  this  something  that  you  have  to  analyze  as  well.  For   instance,   it  may   be   customary   in   some   cultures   for   people   not   to   spend   so   much   on  material  indulgences  (new  car,  new  house,  new  phone,  etc.)  but  are  willing  to  spend  a  lot  on  luxury  food.  You  need  to  analyze  unique  buying  behaviors  such  as  this  one  in  order  to  assess  the  feasibility  of  your  prospect  business.      

18  Analyze  the  Behavior  of  the  People  Towards  Brand  Names  In   some   places,   people   may   have   the   purchasing   power   to   buy   branded  products   and   signature   brands   but   are   not   willing   to   spend   on   them.   For  

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example,   there  are  countries  wherein   it   is  customary  even   for   the  wealthy   to  shop   in   stores   that   sell   second   products.   On   the   other   hand,   there   are   also  places   wherein   people   are   strictly   brand   conscious   and  will   hardly   spend   on  anything  other  than  branded  and  signature  products.    

 

19  Look  For  Markets  That  Have  High  Demand  And  Low  Supply  Where   there   is  high  demand  but   low  supply,   there   is   a  business  opportunity.  Say  for  example  that   in  one  place  the  demand  for  school  supplies   is  high.  But  because  of  the  remoteness  of  the  place,  the  supply  is  very  low.  If  you  manage  to  find  ways  on  how  to  bring  school  supplies  to  that  place,  that  is  like  supplying  where  the  supply  is  low  and  the  demand  is  high.    

 

20  Grab  Opportunities  As  Soon  As  Possible  If  you  are  really  serious  about  grabbing  an  opportunity,  it  is  advisable  that  you  do  so  right  away  (after  conducting  complete  market  research).  This  is  because  you  want   to  avoid  having  other  entrepreneurs  grab   the  opportunity   that  you  saw.        

Identifying  The  Risks  And  Countering  Them  

 

21  Do  A  Research  On  What  Problems  Similar  Businesses  Faced  No   matter   how   unique   your   business   idea   is,   it   is   highly   likely   that   another  entrepreneur   in   another   place   already   tried   the   same   business   venture.   You  can  observe   the  difficulties   that   they   faced.  You   can  also   take  a   look  at   your  future  competitors.  Observe  what  problems  they  are  facing  and  how  they  are  coping   up.   This   will   give   you   an   idea   on   how   to   overcome   risks,   pitfalls,  difficulties,  and  hardships  related  to  your  planned  business  venture.    

 

22  Think  of  Possible  Reasons  For  Your  Business  To  Fail  This   requires   some   wild   but   realistic   imagination.   Think   of   possible   reasons  possible  events,  and  possible  circumstances  which  might  cause  your  business  to  suffer  or  fail.   If  you  are  opening  a  shipping  company  for  example,  possible  

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risks  may   include   the   following:   fluctuations   in   gasoline   prices,   frequency   of  natural  calamities  in  the  area  that  might  affect  shipping,  scarcity  of  competent  delivery   truck   drivers,   dishonesty   amongst   employees,   and   other   similar  reasons.    

 

23  Formulate  Possible  Solutions/Preventive  Measures  To  Possible  Risks  Enumerating  possible  difficulties  that  you  might  face  is  only  the  first  step.  Next,  you  have  to  think  of  ways  on  how  to  counter  them  should  any  of  them  happen.  You  need  to  be  ready  for  all  the  possible  situations.  This  is  part  of  the  so-­‐called  ‘risk  management’  which  many  companies  invest  a  lot  of  effort  into.    

 

24  Get  a  Business  Advisor  It  might  not  be  necessary  in  all  cases.  Smaller  businesses  for  instance  may  have  no  need  of  one.  But  for  bigger  businesses  that  deal  with  complex  markets  and  industries   (investment/loan   business,   real   estate   business,   foreign   trading  business,   etc.),   you   might   just   need   an   advisor   –   someone   who   is  knowledgeable  in  the  field.  This  is  especially  necessary  if  there  are  some  things  in  your  chosen  field  of  business  that  you  are  not  very  familiar  with.  Be  ready  for  several   advisors   if   necessary.   In   some   instances,   it  will   help   to   have  opinions  from  several  individuals.    

 

25  Assume  That  Possible  Risks  Are  Real  You  have   to  progress  with   the  mindset   that   your   assumed   risks   and  dangers  are  real.  Some  businesses  fail  at  this  and  they  begin  to  lax.  If  you  do  this,  it  is  as  though   you   are   underestimating   the   risks   involved.   If   you   underestimate   the  risks,  they  might  hit  you  hard  when  you  expect  it  least  and  when  you  are  least  ready.  Believe  it  or  not,  this  can  actually  cause  businesses  to  fail  completely.        

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Identifying  Your  Target  Customers/Market  

 

26  Ponder  On  Who  Will  Buy  From  You  One  of  the  first  steps  to  formulating  a  business  plan   is   identifying  your  target  customers.   You  need   to   identify   select   groups   by   category.   These   categories  normally  include  age  bracket,  gender,  marital  status,  and  such.  At  times,  these  categories   may   even   include   special   groups   such   as   employment   status,  nationality,  physical  health,  vital  statistics,  and  such.   If  you  are  selling  weight-­‐loss   products   for   instance,   your   target   group   may   include   the   following:  overweight  people,  women,  ages  16-­‐30,  and  such.      

27  Device  Plans  On  How  To  Attract  Your  Target  Group  Once  you  identify  your  target  group,  it  will  be  easier  to  device  a  marketing  and  advertisement   plan.   Simply   think   of   the   thing   that   your   target   group   likes.  Think  of  what  things  will  attract  their  attention.  If  you  target  group  are  children  for  example,  it  might  be  a  good  idea  to  use  advertisements  that  include  a  lot  of  playful  colors.  If  your  target  groups  are  health-­‐conscious  individuals,  you  might  catch  their  attention  by  starting  your  sales  pitch  with  health  topics.      

28  Know  Where  Your  Products/Services  Will  Sell  Finding  the  correct   location  to  do  business   is  one  of  the  most  crucial  parts  of  business   planning.   You  may   have   the   best   product,   the   best   employees,   and  the   most   amazing   list   of   resources.   But   if   your   business   location   is   wrong,  everything   could   go   wrong.   Business   location   is   particularly   important   to  stores.  These  may  include  restaurants  and  groceries.  Businesses  like  these  ones  need  to  be  located  to  a  strategic  place.    

 

29  Understand  Why  Your  Target  Customers  Want  Your  Products/Services  This   is   one   of   the   questions   that   you   need   to   answer:  What   is   it   about   your  product   that   your   customers  want?  Or  what   is   it   about   your   service   offering  that  your  customers  want  to  avail?  By  understanding  this,  you  will  understand  better   how   to   reach   your   customers.   In  mobile   phone   industry   for   example,  

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you  may   ask:  What  do   the  people   in   your  place   like   in   a  phone?  Do   they   like  cheaper  phones,  high-­‐end  phones,  or  luxury  phones?  After  finding  the  answer,  invest  more  on  products  that  your  target  customers  want.        

Finding  Your  Resources  

 

30  Make  Sure  You  Have  Suppliers  The   suppliers   of   a   business   establishment   are   among   its   most   valuable   and  most   important  asset.   In  the  case  of  a  restaurant  for  example,   it  must  have  a  stable   source   of   ingredients.   Whatever   business   you   will   be   in,   you   need   to  make  sure  that  you  have  good  suppliers  –  those  that  you  can  rely.  You  need  to  analyze   the   status  of   your  most   valued   suppliers.   In   a   Chinese   restaurant   for  example,   one   of   its   most   valued   supplier   might   be   a   supplier   of   Chinese  ingredients.      

31  Make  Sure  You  Have  A  Backup  Source  of  Financing  Most  businesses  have  several  sources  of  financing  (e.g.  personal  money,   loan  companies,  borrowed  money,  etc.).  What  you  want  to  avoid   is  relying  on  one  source  of   financing  only.  You  need   to  have  several   sources  of   financing  or  at  least,  you  should  have  reserves.  This  is  important  because  most  businesses  do  suffer  financial  problems  from  time  to  time.  Having  a  stable  source  of  financing  will  help  you  absorb  losses  when  needed.    

 

32  Check  The  Prices  of  Different  Suppliers  Do   not   settle   on   the   first   few   suppliers   that   you  will   find   just   because   their  prices  seem  attractive.  You  need  to  keep   looking  because  you  might   just   find  suppliers  that  offer  lower  prices.      

33  Check  The  Reliability  of  your  Suppliers  Is  your  supplier  showing  any  signs  of  financial  trouble?  Does  your  supplier  seem  to  be  going  out  of  business?  Does  your  supplier  have  a  history  of  disappointing  its  clients?  These  are  just  some  of  the  questions  that  you  need  to  ask  yourself.  

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You  need  to  analyze  and  evaluate  the  performance  of  your  prospect  suppliers.  This  is  because  if  one  of  your  suppliers  suddenly  goes  out  of  business,  it  might  not   be   that   easy   for   you   to   find   a   replacement.   This   is   especially   true   for  suppliers   of   unique   products   (Chinese   ingredients,   Arabian   curries,   Philippine  bananas,  etc.).      

34  Do  Re-­Assessment  Every  Now  And  Then  You  may  have  already  found  a  supplier  that  offers  an  attractive  price.  But  that  does  not  mean  that  they  will  always  be  the  cheapest.  New  suppliers  may  come  along   and   some   of   them   may   offer   better   prices   and   conditions   than   your  current  suppliers.    

 

35  Do  Not  Enter  Into  Transactions  Without  a  Clear  Cut  Agreement    The  first  thing  you  look  for  is  prices.  But  you  should  not  decide  only  according  to  that.  You  also  need  to  check  the  conditions  of  your  prospect  suppliers.  What  are  the  terms  of  payment?  What  are  the  shipping/delivery  arrangements?  Will  they  pay  for  goods  damaged  on  transit?  These  are   just  some  of  the  questions  that  need  an  answer.  Also,  you  should  avoid  entering   into  a  contract  without  settling  an  agreement  with  your  prospect  supplier  first.        

Formulating  A  Business  Plan  

 

36  Make  A  Feasibility  Study  A   feasibility   study   is   typically  done   first  by  experienced  entrepreneurs  before  venturing   into   any   business.   A   good   feasibility   study   allows   its   researcher   to  analyze  the  profitability  of  any  planned  business  undertaking.  It  takes  a  look  at  risks,   return   on   investment,   plans   for   success,   and   such.   To   check   the  profitability   of   your   planned   business,   it   is   advisable   that   you   conduct   a  feasibility  study  first.  You  may  hire  a  professional  to  do  this  for  you.    

 

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37  Come  Up  With  An  Organizational  Plan  An   organizational   plan   is   crucial   if   your   business   will   be   composed   of   many  employees   (about   20   or   so).   An   organizational   plan   shows   the   flow   of  command  in  from  the  top  official  to  the  bottom.  With  a  clear  cut  organizational  chart,   employees   will   know   who   to   follow,   who   is   in   charge,   and   who   they  should  obey.  This  is  important  so  that  the  flow  of  command  is  harmonious  and  confusions  can  be  avoided.    

 

38  Plan  The  Flow  of  Tasks  Well  Not  just  the  chain  of  command,  but  the  flow  of  task  between  employees  must  also   be   clearly   stated.   Here   is   an   example   of   a   task   flow:   the   receiving  department   receives   the   spare  parts  delivery,   the   stockman   stores   them  and  keeps   inventory   count,   the   stockman   then   supplies   the   spare   parts   to   the  workers,  the  workers  then  assembles  the  parts,  the  inspection  team  then  tests  the   assembled   product,   then   the   packaging   department   packs   the   finished  products,  and  finally,  the  sales  department  takes  care  of  selling  the  goods.  By  clearly  planning  the  flow  of  task,  everything  will  go  more  smoothly.    

 

39  Make  Sure  That  Job  Descriptions  Are  Clear  And  Detailed  Confusions   can   take   place   if   employees   are   not   fully   aware   of   their   job  description.  They  can  start  doing  tasks  that  are  assigned  to  another  employee.  They   can   neglect   tasks   that   are   supposed   to   be   their   responsibility.   And  employee  can  start  blaming  one  another  and  pointing  at  one  another  for  who  must  perform  which  task.  This  is  why  a  clear  job  description  is  necessary.    

 

40  Make  A  Draft  of  Future  Plans  This  will   give   you   a   sort   of   guide   so   that   you  have   an   idea  on  which  path   to  take.  This  may  include  expansion  plans,  additional  investment  plans,  branching  plans,  and  such.        

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Coming  Up  With  an  Advertising/Marketing  Plan  

 

41  Focus  On  Your  Target  Customers  Advertisement   can   be   costly.   But   you   can   save   on   advertisement   cost   by  focusing  only  on  your  target  customers.  For  instance,  it  is  no  longer  necessary  to  extend  your  advertisement  to  male  audience   if  your  products  are  targeted  to  women.      

42  Know  The  Trend  of  Your  Target  Customers  A  good  advertisement   catches   the   attention  of   its   target   customers.   So  how  can  you  make  your  advertisement  appeal  to  your  target  customers?  First,  you  need  to  know  their   likes  and  the  trends  that  they  follow.  Use  that  knowledge  to  make  your  advertisement  appealing  to  your  target  group.      

43  Analyze  How  Your  Target  Customers  Are  Exposed  To  Media  Media   can   include   the   following:   television,   radio,   internet,   and   other  broadcasts.  When  making  an  advertisement  plan,  you  need  to  know  how  your  target   customers   are   exposed   to   different   media.   If   you   analyzed   that   your  target   customers   are   more   exposed   to   the   internet   for   example,   then   you  should  invest  more  on  social  media  advertisement.    

 

44  Consider  The  Unique  Culture  of  Your  Target  Customers  Culture  greatly  affects  the  taste  of  people.  Therefore,  you  need  to  consider  the  unique   culture   of   your   target   customers   when   coming   up   with   an  advertisement  plan.  If  you  are  offering  services/products  to  foreign  customers,  you  will  need  to  do  extensive  research  about  their  culture.      

 

45  Come  Up  With  Promotional  Plans  Promotion   is   different   from   advertisement.   You   can   use   both   to   your  advantage.  Promotion  is  a  strategy  used  by  businesses  to  increase  sales  during  

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select  periods.  For  example,  offering  a  discount  sale  for  a  day  or  two  is  a  type  of  promotion.      

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Learning  Profit  Maximization  Techniques    

 

46  Make  an  Upsell  An  upsell  takes  place  when  you  offer  a  buying  customer  an  additional  product  that   is  related  to  the  product  that  he/she   just  bought.   If  a  customer  bought  a  laptop   computer   for   example,   you   can   make   an   upsell   by   offering   that  customer  a  printer,  computer  table,  and/or  laptop  bag.      

 

47  Do  Cross-­Selling  Cross-­‐selling  is  almost  the  same  in  nature  to  an  upsell.  But  in  cross-­‐selling,  you  are  offering  an  additional  product  that  is  not  related  to  the  main  product.  You  can  increase  sales  by  doing  cross-­‐selling.    

 

48  Offer  Freebies  It   may   sound   like   you   are   giving   away   things   for   nothing.   But   by   offering  freebies,  you  can  effectively  invite  more  customers.  This  is  also  a  way  to  attract  new   customers   and   make   them   try   your   products/services.   Of   course,   you  should  only  do  this  once  in  a  while.    

 

49  Use  Discounts  Wisely  Do   not   just   offer   discounts   whenever   you   feel   like   it.   Timing   is   crucial.   For  example,  it  is  best  to  offer  discounts  during  paydays  and  holidays  when  people  have   money   to   spend.   It   is   also   good   to   offer   discounts   during   school  vacations.    

 

50  Train  Sales  People    The   sales   team   should   be   trained   properly   on   delivering   effective   and  persuasive  sales  pitch.      

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Hiring  A  Dedicated  Team  

 

51  Hire  People  That  Love  What  You  Do  You   cannot   dictate   passion   to   your   employees.   Therefore,   you   need   to   find  people  that  already  have  that  passion.  How  do  you  do  this?  You  can  do  this  by  hiring  people  that  have  a  natural  interest  to  your  business.  If  you  are  planning  to   open   a   computer   shop   for   example,   it   is   best   to   hire   people   who   love  computers.    

 

52  Put  People  Where  Their  Passion  Is  Bigger  companies  may  consist  of  several  offices.  When  deciding  on  employee  placement,   it   is   best   to   put   employees   in   their   field   of   interest   or   field  expertise.   For   example,   it   is   best   to   leave   internet   research   to   computer  addicts.  Also,  you  may  want  to  assign  art-­‐loving  employees  to  art-­‐related  tasks.    

 

53  Hire  Experts  To  Do  Applicant  Screening  For  You  It  is  true  that  you  can  never  really  tell  how  an  employee  will  perform.  But  you  can  have  a  good  idea  during  the  screening  of  applicants.  But  the  screening  of  applicants   is  not  an  easy   job.  You  can  hire  people  to  do  this   for  you  –  people  who  have  experience  in  the  field.    

 

54  Make  Sure  Your  Employees  Appreciate  Your  VMV  You  employees  are  the  ones  who  will  embody  the  Vision,  Mission,  and  Goal  of  your  company.  Therefore,  it  is  important  that  they  appreciate  your  company’s  VMV.  You  can  do  this  by  orienting  them  about  your  company’s  VMV  and  telling  them  its  importance.    

 

55  Delegate  A  Qualified  Overseer  Overseers   may   include   the   following:   managers,   supervisors,   section   heads,  etc.  These  people  perform  crucial   tasks   in  your  company.   It   is   important   that  these  people  are  highly  qualified.    

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Motivating  Your  Team  

 

56  Provide  The  Basic  And  Legal  Benefits    Your   team   will   be   more   motivated   if   they   know   that   they   will   receive   the  benefits  which  they  are  entitled  to.  When  an  employer  fails  to  provide  all  these  legal  benefits,  his/her  employees  will  begin   to   lose   trust   to   the  company  and  will   begin   to   lose  motivation   to  work   hard.   Benefits   include   contributions   to  healthcare   and   pension   plans.   It   also   includes   bonuses,   13th   month   pays,  premiums,  and  commissions  among  others.      

 

57  Pay  Right  And  On  Time  Let  us  face  it.  Employees  primarily  work  in  order  to  earn.  And  when  this  basic  driving  factor  is  not  provided  properly,  employees  will  begin  to  lose  trust  to  the  company.  Paying  the  right  amount   is  not  the  only  factor.  You  should  also  pay  on  time    

 

58  Be  A  Role  Model  You   cannot   expect   your   employees   to   perform   well   if   they   cannot   see   you  doing  the  same.  To  motivate  your  employees,  you  will  have  to  be  a  role  model  to   them.   If   you  want   them  to  come  on   time,   then  you  should  be  punctual.   If  you  want   them  to  work  hard,  you  will  also  have  to  work  hard.  Followers   feel  more   empowered   when   their   leader   is   reliable,   trustworthy,   honest,   and  capable.    

 

59  Have  A  Motivational  Program  A   little   boost   will   help   employees   refresh   their   motivation.   Motivational  programs  may  include  awarding  the  best  employees,  giving  extra  commission  to   achievers,   and   such.   When   there   is   a   goal   to   reach,   employees   usually  perform  better.    

 

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60  Hold  Team-­Building  Sessions  Team-­‐building  sessions  allow  employees  together  with  their  superiors  to  bond,  share   ideas,   and   have   fun.   This   strengthens   the   inter-­‐company   relationship.  Also,   team-­‐building   sessions  help   employees   to   feel   that   they   are   a  part  of   a  family.   Also,   it   gives   you,   their   employer,   the   opportunity   to   reinstall   the  objectives  of  the  company  to  them.        

Have  The  Right  Attitude  Towards  Your  Investment  

 

61  Follow  The  Separate  Entity  Concept  In  accounting,   the  separate  entity  concept  refers   to  the  clear-­‐cut  segregation  of   the  owner’s  personal   assets   from  his/her  business   investment.   In   layman’s  term,   it   means   that   you   should   not   treat   the   earnings   and   assets   of   your  company   as   a  personal   belonging   that   you   can   spend  and  use   at   your  whim.  This  is  a  basic  principle  that  company’s  follow  as  dictated  by  accounting  laws.    

 

62  Return  Some  of  the  Earnings  As  Additional  Investment  Net   income   is   the   part   of   the   company’s   earnings   that   can   be   withdrawn.  However,  you  may  choose  not  to  withdraw  some  of  the  net  income  and  add  it  to  the  business  capital  account  instead.  Yes,  this  may  mean  smaller  amounts  of  withdrawal  for  you.  But  this  will  help  your  company  grow.    

 

63  Forget  Your  Wants  First  While  Your  Business  Is  Growing  Some   entrepreneurs  make   the  mistake   of   living   a   life   of   luxury   just   because  their  business  did  well  during   its   first   few  weeks  or  months  of  operation.  But  this   is  a  pitfall   that  must  be  avoided.  You  never  know  how  your  business  will  fare  in  the  following  months  or  years.  While  your  business  is  still  new,  it  is  best  to   lessen   your   personal   expenditures   and   focus   on   increasing   the   business  capital  first.    

 

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64  Keep  In  Mind  That  Your  Investment  Can  Still  Go  Farther  Some  entrepreneurs  also  make  the  mistake  of  being  passively  contented.  This  means  that  they  lose  all  plans  of  making  their  business  grow  just  because  they  are  already  earning.  This  might  give  you  stable  income  but  if  you  want  to  earn  more   in   the   future,   you   must   always   set   your   mind   to   the   growth   of   your  business.    

 

65  Avoid  Excessive  Debts  Investment  may   come   from   a   loan   grant.   But   avoid   incurring   too  many   loan  grants.  Take  note  that  loans  come  with  high  interest  rates.  You  may  not  be  able  to  shoulder  several  loans  with  high  interest  rates.      

Winning  Over  The  Competition  

 

66  Conduct  A  Research  About  Your  Competitor  This   is   one   of   the   most   basic   strategies   used   by   all   business   establishments  when  it  comes  to  winning  the  competition  –  they  conduct  a  study  about  their  competitors.  This  may   include  actual  visits  to  the  place  of  the  competitor  and  may  include  observation  of  prices  and  promotional  plans  among  others.    

 

67  Observe  The  Marketing  Strategies  of  Your  Competitors  Marketing   strategies   include   promotions,   discount   offers,   freebie   offers,  advertisement  methods,   and   such.   To   stay   competitive,   you  must   always   do  better  than  your  competitor  when  it  comes  to  marketing  strategy.    

 

68  Always  Offer  Something  More  If   you  always  offer   something   that   your   competitor  does  not,   customers  will  naturally  prefer   you.  This   can   refer   to  anything.   In  a   spa   setting   for  example,  you  may  include  scented  candles  as  part  of  the  service  when  your  competitor  does  not.    

 

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69  Win  By  Quality  And  Service  If  You  Cannot  Win  By  Price  Sometimes,   you   will   find   competitors   that   offer   such   a   low   price   that   you  cannot  even  compete.  And  you  have  no  idea  how  they  even  did  that.  So  how  do  you  top  the  competition?  If  you  cannot  win  by  price,  you  can  win  by  quality  and   service.   Just   make   your   service   better   and   make   the   quality   of   your  products  top-­‐notch.      

70  Offer  Discount  Sales  At  The  Same  Time  When  your  competitor  holds  a  discount  sale,  a  lot  of  people,  including  some  of  your  loyal  customers,  may  come  to  them.  This  gives  them  the  chance  to  show  people  what  they  can  do.  You  do  not  want  to  give  them  this  opportunity.  Offer  the  same  discount  promo  when  they  do.      

Taking  Advantage  of  the  Internet  

 

71  Make  Use  of  SEO  SEO   refers   to   search   engine   optimization.   If   you   have   a   website   for   your  company,   it   will   become   more   visible   to   users   if   it   makes   use   of   SEO  techniques.   With   SEO,   your   website   and   webpages   will   more   likely   appear  among   the   top   10   or   even   top   5   of   Google   search   results   when   someone  searches  for  a  related  keyword.      

72  Outsource  The  Job  To  Internet  Marketing  Professionals  Does  SEO  confuse  you?  Well,  SEO  really  does  include  a  lot  of  complicated  and  technical  stuff.  If  you  want  to  optimize  your  website,  it  is  best  that  you  hire  an  SEO  professional  to  do  it  for  you.      

73  Use  Facebook  Facebook   is   used   by   millions   of   people   worldwide.   By   using   Facebook   to  advertise   your   products   and/or   services,   you   will   be   able   to   reach   a   lot   of  people.   You   can   choose   between   a   paid   advertisement   and   a   free  advertisement.  Of  course,  the  paid  version  is  more  effective.      

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74  Use  Twitter  Twitter  allows  its  users  to  broadcast  messages  to  thousands  of  followers  in  an  instant.  This  makes  Twitter  a  very  powerful  advertisement  tool.   It   is  also  best  used   for   broadcasting   urgent   announcements.   Moreover,   people   are   now  accessing   their   Twitter   account   via   their  mobile  phones.   This  means   that   you  will  be  able  to  reach  Twitter  users  almost  any  time  of  the  day.      

75  Send  Offers  And  Updates  To  Old  Customers  By  Email  You  may  ask  buying  customers  their  email  address.  This  way,  you  will  be  able  to  send   them  newsletters  every  now  and   then.  You  might  also  be  able   to  make  follow-­‐up   sales   by   offering   old   customers   new   products   and/or   services   by  email.  You  may  also  inform  your  customers  about  your  new  promos  by  sending  them  notifications  by  mail.      

Handling  Debts  Expertly  

 

76  Avoid  Paying  Debts  With  Debts  Debt  comes  with   interest   rates.  By  paying  a  debt  with  another  debt,  you  will  shoulder  more  interest  rates.  This  is  why  it  is  not  advisable  that  you  pay  a  debt  with   another   debt.   You   will   only   increase   the   interest   expenses   of   your  company.   If   you  will   pay   debt  with   debt,  make   sure   that   your   company   can  feasibly  shoulder  the  additional  interest  rate.      

77  Avoid  Having  Multiple  Debts  In  an  attempt   to   raise  more   funds,   some  entrepreneurs  make   the  mistake  of  incurring   too  many  debts.  Doing   so  may  be   feasible   at   times  especially   if   the  business  undertaking  is  highly  profitable  and  the  risks  are  low.  But  for  starting  companies,  debt  must  be  kept  at  minimum.      

78  Look  For  Loans  With  Good  Conditions  Conditions  that  come  with   loans  (e.g.   interest  rates)  are  not  always  the  same  from  one  loan  provider  to  another.  This  is  why  it  is  advisable  that  you  check  the  conditions   of   different   loan   providers   and   choose   the   one   with   the   most  

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attractive  set  of  conditions  (e.g.  less  interest  rate,  longer  payment  periods,  less  penalties,  etc.).      

79  Use  Accounts  Receivables  as  Debt  Payment  Debt  does  not  always  have  to  be  paid  in  cash.  Some  loan  providers  are  actually  willing   to   give   you   financial   assistance   in   exchange   for   your   accounts  receivables.   This   way,   your   accounts   receivables   will   be   transferred   to   your  loan  provider  and  they  will  be  the  ones  responsible  for  collecting  the  payment.      

80  Immediately  Pay  Debts  With  Accruing  Interest  Debts  normally  have  accruing   interest   rates.  This  means  that   interest  payable  will  continue  accruing  (accumulating)  while   the  debt   is  not  yet  paid.  For  such  debts,   it   is  not  good  to  keep  them  unpaid  for   long  periods  of  time.   If  you  are  planning   to  get   a   loan  with  an  accruing   interest,  make   sure   that   you  pay   the  debt  before  the  deadline.      

81  Plan  Early  How  You  Get  The  Debt  Paid  Some   young   entrepreneurs   only   think   about   the   amount   of   investment   that  they  will  be  able  to  get   from   loans.  This   is  wrong.  Before  you  get  a   loan,  you  must   first   plan   ahead   how   you   will   pay   the   debt.   You   need   to   ask   yourself:  where  will  I  get  the  funds  to  pay  the  debt?  When  will  I  be  able  to  pay?  Will  I  be  able  to  pay  before  the  set  deadline?    

82  Set  A  Contingency  Fund  for  Absorbing  Debts  Many  companies  go  bankrupt  because  of  poorly  managed  debt  accounts.  One  way   to   avoid   this   from   happening   is   by   having   a   contingency   fund   for  absorbing  losses  from  debt.    

Gaining  Know-­How  in  Business  

 

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83  Enroll  to  Short  Business  Courses  You  do  not  have  to  graduate.  You  only  need  to  attend  short  business  courses  which  can  only   include  a  few  units.  What  you  are  after   is  not  the  diploma  but  the  knowledge.  This  will  give  you  an  edge.      

84  Learn  The  Basics  of  Accounting  A  huge  part  of  business  management  is  the  accounting  part.  If  you  have  even  the  basic  knowledge  about  accounting,  you  will  a  better  idea  about  the  flow  of  funds  in  your  business.      

85  Enroll  to  Short  Law  Courses  In  conducting  business,  you  will  be  dealing  with  legal  matters  as  well.  You  will  be  making  contracts,  you  will  close  deals,  and  you  will  also  abide  to  business-­‐related  laws  such  as  the  payment  of  taxes.  This  is  why  it  is  important  that  you  gain  knowledge  about  business  law.      

86  Read  Business  Books  Business  books  locally  available  in  bookstores  will  also  help  you  a  lot.    

87  Stay  Updated  On  Business-­Related  News  This  is  particularly  important  if  you  are  doing  business  in  an  industry  that  has  a  very  fast-­‐moving  trend.  You  need  to  stay  updated  so  you  can  react  accordingly  to  changes.      

88  Learn  How  To  Predict  Movements  In  Economy  Experienced   entrepreneurs   survive   downfalls   in   economy   because   they  predicted  in  such  downfalls  in  advance.  They  are  also  able  to  take  advantage  of  favorable   situations   because   they   predicted   those   favorable   situations   in  advance.      

89  Get  Advice  From  Experienced  Entrepreneurs  Many   things   in   business   cannot  be   taught   inside   the   classroom.   Some   things  are  learned  by  experience.  But  you  do  not  always  have  to  experience  them  by  yourself.  You  can  simply  ask  experienced  entrepreneurs  in  your  field.    

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90  Keep  Note  of  your  Experiences  In  Business  Take  note  of  the  trends  in  your  business.  You  will  soon  realize  that  changes  and  movements  often  follow  a  pattern.  Familiarize  yourself  with  these  patterns  and  this  will  help  you  make  better  plans  in  the  future.  

Protecting  Your  Company’s  Image  

 

91  Have  In  Local  Government  Programs  The  local  government  of  your  place  may  hold  public  welfare  programs  once  in  a  while.  This  may   include  health-­‐consciousness  programs,  cleanliness  programs,  additional  employment  programs,  and  such.  If  you  can,  it  is  advisable  that  you  participate  or  have  part  in  such  programs.  This  will  improve  the  public  image  of  your  company.    

92  Avoid  Comments  On  Behalf  of  the  Company  You   should   avoid   stating   comments   through   your   Facebook  account,   Twitter  account,   Television   advertisement,   radio   broadcast,   and   such.   You   should  especially  avoid  commenting  on  controversial  topics.    

93  Protect  The  Rights  of  your  Employees  Your  employees  have  rights  that  are  protected  by   law.  As  an  employer,  there  are  certain   rights   that  you  are  expected  to  protect.   It   is  best   that  you  do  not  neglect   this.   It   will   not   do   your   public   image   any   good   if   your   employees  complain  about  human  rights  violation.      

94  Be  Particular  About  Environment  Protection  You  must   deal  with   your  waste   products   appropriately.   You  must   in   no  way  cause  pollution   to   the  environment.   If   your  business  will   cause  pollution,  you  must   find   an   appropriate   location.   Take   note   that   causing   problems   to   the  environment  will  make  your  company  look  really  bad  in  the  eyes  of  the  public.      

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95  Make  Donations  Once  In  A  While  Anonymous   donations   are   impressive.   But   that   will   kill   the   benefit.   Yes,   you  want  to  help  sincerely.  But  there  is  nothing  wrong  with  being  accredited  for  it.  Make  donations  once  in  a  while  and  improve  your  company’s  image.        

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Abiding  To  The  Legal  Requirements  

 

96  Follow  Government  Requirements  Legal  requirements  for  businesses  are  different  from  place  to  place.  Make  sure  that  you  are  familiar  with  the  business  requirements  in  your  area  to  avoid  legal  problems.  You  should  do  this  before  you  start  anything.      

97  Remit  The  Correct  Taxes  The   government   has   agents   that   regularly   check   the   tax-­‐paying   activities   of  businesses.   This   is   especially   true   for   bigger   businesses.   Therefore,   it   is  advisable  that  you  avoid  any  tax-­‐evasion  tactics.   If  you  are   instigated  for  this,  your  company  image  will  suffer  and  you  may  have  to  face  legal  consequences.    

 

98  Pay  The  Correct  Salary  Employees  today  are  very  particular  about  their  salary.  Unlike  in  the  past,  they  are   now   quite   aggressive   when   it   comes   to   protecting   their   rights.   Pay   the  correct   amount   and   do   it   on   time   to   keep   your   employees   happy   and  motivated.    

 

99  Complete  Building  Requirements  There   are   building   requirements   that   you   must   fulfill   before   you   start  operations.  If  you  fail  to  do  this  early  on,  the  government  may  impose  penalties  on  your  company  or  may  even  shut  you  down.      

100  Follow  Safety  Requirement  Safety   requirements   are   imposed   by   local   governments   to   businesses.   Fire  safety   is   common   to   all   businesses.   Food   safety   and   sanitation   on   the   other  hand  are  strongly  imposed  on  businesses  that  deal  with  food  products.  Follow  all  of  these  requirements  to  avoid  legal  problems.      

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30 The Successful Entrepreneur

Conclusion  

 Many  people  reason  that  very  few  employed  people  enjoy  a  wealthy  life.  Only  a  certain  few  make  it  to  the  top  and  enjoy  a  good  salary.  This  is  why  many  people  choose   to   venture   into   business.   They   believe   that   there   is   more   money   to  doing  business  than  in  getting  employed.  And  yes,  there  is  some  truth  to  this.    What   they   do   not   know   however   is   that   many   people   who   venture   into  business  also  fail.  There  are  probably  more  entrepreneurs  who  fail  than  those  who  make   it  big.  This   is  primarily  because  many  novice  entrepreneurs  do  not  have  the  correct  skills  and  knowledge  base.      Hopefully,   this   eBook   will   equip   you   with   the   necessary   skills,   knowledge,  techniques,  and  strategies  that  will  help  you  find  success  in  entrepreneurship.  This  will  be  especially  helpful  to  novice  entrepreneurs  who  are  new  to  the  field.    Even  if  you  are  already  a  successful  entrepreneur  who  has  been  in  the  trade  for  many  years,  we  believe  that  there  are  still   things  that  you  can   learn  from  this  eBook.   Feel   free   to   read   this   eBook  and  we  are   confident   that   you  will   learn  new  things.      It   is   also   best   that   you   keep   this   copy   for   future   reference.   It   is   not   easy   to  memorize  all   100   tips.  Read   this  eBook  every  now  and   then  and   refresh  your  enthusiasm  in  reaching  for  success.